[lyjw88]

I ordered my 335i coupe back in december and it is going to get here

(boston) in a week or so.

I'm planning to down pay 35K and pay the rest monthly for five years.

My SA said that I cannot choose a bank to make those payment, there are

certain banks that his dealership works with.

Since I'm a student and not an U.S. citizen, interest rate really matters...

Is it true that I cannot choose a bank for monthly payments?

And how can I get a low interest rate?

Thanks in advance

[SteveMD]

That's BS. You can use any bank or credit union that will grant you a loan.

[noro]

True, that is BS. You can choose any bank and have the bank transfer the money you owe to the dealer.

The question here I think is that the dealer is making money not only on the car but on the bank rate also and that's why they don't want you using your own at a lower rate.

If done right you should be able to win this argument.

[lyjw88]

Thanks for replies!

Since it's my first time buying a car in the states...

I really need some help from you guys.

I'm thinking of using Bank of America to grant a loan.

In this case, do I just tell my dealer about it and what next...?

[turbojet3]

Go to your bank and take a copy of the buyers order if you have it. Bank of America has a good website to apply online. I saw a rate for 6.19% at BOA

[teknochild]

guys hes trying to get finacing from the dealer, thats why the dealer said he cant choose a bank (duh)

you have to actually go to the bank and ask them, but your not going to get financing if your not a citizen

[John 070]

I can't say 100% because I am a US Citizen, but putting 35k down, what bank wouldn't want to finance the remainder since the vehicle is collateral?

In my office there are many people who are not US Citizens and their homes are upwards of 800k. You're telling me that they paid cash?

From my experience, the dealership could beat any rate I could come up with. In my case, the first pass was 6.35%. The 2nd was 5.75%. Dealer offered me 5.5% for 5 yrs. so I took it. Let the dealership compete for your loan....good luck.

[SteveMD]

Originally Posted by teknochild

guys hes trying to get finacing from the dealer, thats why the dealer said he cant choose a bank (duh)

you have to actually go to the bank and ask them, but your not going to get financing if your not a citizen

Incorrect! Absolutely incorrect.

I am not a US citizen and have had many loans including my mortgage and over a dozen vehicles.

Please research before replying.

So long as OP has a SS# he can try to establish credit. He needs a SS#. He may not have one being on a student visa. But then, no dealer will finance him either.

[jayjay]

Originally Posted by teknochild

you have to actually go to the bank and ask them, but your not going to get financing if your not a citizen

LOL!!!!!

[IMJUSS2NASTY]

Are you nuts? Your gonna put a 35k down payment?

[SteveMD]

Originally Posted by IMJUSS2NASTY

Are you nuts? Your gonna put a 35k down payment?

Nothing wroing with that, so long as he isn't leasing. The small amount financed will help him establish credit.